Kuwaiti crude oil climbed over the 75 US dollar per barrel (pb) price level still and gained 71 cents to reach $75.36 pb Tuesday, stated Kuwait Petroleum Corporation on Wednesday.

The oil prices are in a state of recovery in general amid indications the global economy is improving, which means improved demand for oil. But observers believe there is more to the hikes than the normal supply and demand mechanism.

The decline in the exchange rate of the US dollar against other main currencies was a main factor in bolstering prices, as well as reports that speculation was back to the oil market.

The Organization of Petroleum Exporting Countries (OPEC) seeks a 70-80 dollar range to meet the needs of producers who constantly spend on exploration and development as well as those of consumers who are suffering the strain of the global financial crisis.

The current price of Kuwaits crude is a reasonable figure within the $70-80 pb range set by OPEC as desirable range. The crude had peaked at around $136 pb in July 2008 while the low of $32 pb price had been seen late last December.